Canadian wheat production to increase by 11% due to improvements in crop conditions
The Foreign Agricultural Service of the U.S. Department of Agriculture is forecasting total wheat production to reach 35.5 million metric tons in 2024-25, an 11 per cent increase over the previous year, because of significant improvements in crop conditions in the major wheat-growing regions in the Canadian prairies.
Total wheat exports are forecasted to reach 24 million metric tons in 2023-24, equating to 68 per cent of domestic supply, which is one percentage point above the record-high recorded in 2022-23 and eight percentage points above the 10-year average.
The report says Canada is forecasted to become the world’s third largest exporter of wheat in 2023-24, after Russia and the European Union, according to international data from the USDA.
The FAS report noted that demand from China will decline from the high import volumes reached in 2022-23 and 2023-24 due to competitive pricing from other suppliers.
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